Annual turnover rose by 13.6 percent to €539.7m and gross margin improved by 491 basis points to 55.21 percent.
Annual operating income at UK-based sportswear company Gymshark hit 317,000 British pounds (€373,000) versus a prior year loss of £3,486,000 (€4.103m). But the group’s net income declined by 32 percent to £1,887,000 (€2.2m) from £2,790,000 for the 12 months ended July 31, 2024. Annual turnover rose by 13.6 percent to £458,624,000 (€539.7m). Gross margin improved by 491 basis points to 55.21 percent. Orders increased by 20.1 percent, units sold rose by 19.3 percent, and conversion was down by 20 basis points.
Sales by channel showed the most growth on a percentage basis at retail with a 39 percent year-over-year increase to £15,415,000 (€18.1m). DTC sales, meanwhile, increased by 17 percent to £338.1 million (€397.8m) and wholesale revenues tumbled by 54 percent to £2,825,000 (€3.3m).
Geographically, combined revenues for the UK and the Rest of Europe were 17 percent higher year-over-year at £282,205,000 (€332.1m), with the UK business up 22 percent to the equivalent of €160.6 million as the Rest of Europe improved by 12.6 percent to £145.7 million (€171.5m). Rest of the World sales were 14.7 percent higher in FY24 at £74.1 million (€87.2m).
The group ended the full year with 15.5 percent more employees than the prior year at 841. During the year, Gymshark, which continues to face rising raw material and labor costs, opened its second permanent retail store in Westfield, UK. The group has decided to expand its retail reach going forward via additional physical stores and select wholesale partnerships. Also, during the second half of FY24, the company relocated the market’s head office to New York from Denver.
